Consumer, Civil Rights Groups Urge Congress to Oppose 100%+ APR Bank Loans
Source:VitalLaw|By Sha
A coalition of 103 consumer, civil rights, and community organizations urged congressional leaders to oppose what they described as “unaffordable 100%+ APR bank loans,” pressing lawmakers to block efforts that they say would expand high-cost lending through bank charters and federal rate-export rules.
Groups say public backs rate caps. The coalition said strong bipartisan majorities support interest-rate limits and described them as the simplest and most effective way to stop unaffordable lending. In the press release, the National Consumer Law Center said Congress should address affordability pressures by stopping banks from making high-cost loans, restoring and defending states’ ability to protect residents, and capping rates nationally. The Utility Reform Network is one of the groups urging congressional leaders to oppose these loans.
